External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The aluminium sector has come under pressure since early Apr due to the ease of conflict in the Middle East, the potential restriction of bauxite export from Guinea and sector rotation.</li><li>We reiterate our view that the resumptions of aluminium production being affected in the Middle East will likely take 12-18 months, due to the expensive and time-consuming process to drain and reline the pots (for details, please refer to our sector note “A prolonged supply deficit even assuming the end of Iran war” published on 12 May).</li><li>Besides, any unexpected restart of conflict over the medium term, which is also likely given the lack of trust between the US and Iran, will add uncertainties to the regional aluminium supply from time to time, in our view. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The aluminium sector has come under pressure since early Apr due to the ease of conflict in the Middle East, the potential restriction of bauxite export from Guinea and sector rotation.We reiterate our view that the resumptions of aluminium production being affected in the Middle East will likely take 12-18 months, due to the expensive and time-consuming process to drain and reline the pots (for details, please refer to our sector note “A prolonged supply deficit even assuming the end of Iran war” published on 12 May).Besides, any unexpected restart of conflict over the medium term, which is also likely given the lack of trust between the US and Iran, will add uncertainties to the regional aluminium supply from time to time, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Materials - Concerns Largely Priced In; Attractive Valuation

China

Yunnan Aluminium Co., Ltd. primarily manufactures and markets aluminum products. The Company's products include aluminum ingots, aluminum rolls, and aluminum alloys.

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Yunnan Aluminium Co Ltd A (000807 CH)

Materials - Concerns Largely Priced In; Attractive Valuation

The aluminium sector has come under pressure since early Apr due to the ease of conflict in the Middle East, the potential restriction of bauxite...

CMB International

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